Chinese developers refill war chests

Greentown China, China South City and CIFI collectively raised $1.1 billion on Monday, boosting working capital capabilities amid a buoyant onshore housing market.
Guangzhou
Guangzhou

Asia’s high-yield market has been inundated by Chinese property developers in the first two weeks of 2014, and Greentown China, China South City and CIFI joined the gang on Monday.

Collectively, the three Chinese real estate companies sold $1.1 billion worth of dollar paper on Monday in an effort to replenish their land banks, supported by improving onshore housing conditions, as well as for refinancing purposes.

“Demand in tier-one and some tier-two cities, including provincial capital cities, should remain resilient over the next few years,” said Bei Fu, Hong Kong-credit analyst at Standard and Poor’s. “Although housing prices in the prime locations of tier-one cities are high,...

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